Tvalue Generation in the Colombian AEC Sector by Adopting a PM Standard: A Case Study

The International Group of Lean Construction (IGLC) has been studying the concept of value for several years, in order to eliminate the obstacles for its creation, as value maximization is a core idea for Lean Construction (LC). Some Project Management Standards (PMS) address value generation processes according to the LC definition of value, which comprises a group of different conceptualizations. This study seeks to understand how value may be generated in the Architecture, Engineering and Construction (AEC) sector by means of exploring a PM model, based on a PMS, created in a real estate developer in Colombia; the model is called AXIS. Value generation in this case study is assessed through the qualitative review of the impact of implementing AXIS on projects. Results show that PMS and the adoption of a model based on a standard coincide with LC ideals in their considerations of value. The comparative analysis of value generation processes according to LC, PMS and AXIS leads to establish a starting practical approach for real estate developers interested in embracing value within their practices and improving project performance. Further investigations may include a wider sample of companies for better understanding the value generation process through model implementation.